A new day is dawning for the customer experience, driven by the application of artificial intelligence, machine learning, and automated technologies to CRM data. The potential exists to transform the customer’s experience by providing service in a more predictive and intuitive way than ever before.
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Everywhere you look, customer data is exploding. People (and their devices) are all connected—even household products are sharing data. Behind each and every interaction, device, and product is a customer. This equates to an unprecedented opportunity for companies to delight customers with experiences that are more intuitive, relevant, and predictive than ever.
Get more out of the Data you have
Artificial intelligence (AI) embedded into commerce and customer relationship management (CRM) platforms creates striking new possibilities for the customer experience and beyond. Indeed, the business world is now entering a golden age of AI, and both customers and employees can expect to reap the benefits. AI startups received more than $5 billion in venture-capital funding in 2016, according to CB Insights, and IDC projects that worldwide revenues from cognitive systems and AI will reach $47 billion by 2020 . Across industries, regions, and functions, the opportunities are significant. In fact, Accenture predicts AI could double annual economic growth in 12 countries by 2035.
Added Value for Customers and You
Meanwhile, the implications for the internal and external customer experience are equally compelling. Advances in algorithms and computing power, combined with the abundance of data from which AI algorithms can learn, equate to powerful new uses of AI that are transforming customer and employee experiences to be not only responsive and personalized, but also predictive.
The challenge is determining how to start developing the right processes and expertise for collecting data—as well as building AI algorithms and models—swiftly enough to fully reap the benefits. Most companies find it difficult, if not impossible, to accomplish those tasks on their own, given the dearth of data scientists, the fact that disparate systems and data are not AI ready, and the need to rapidly build new systems, apps, and capabilities. In addition, the concept of applying AI to improve the customer experience is new, and companies don’t even know where and how to begin. That’s why having AI already embedded into CRM significantly boosts companies’ ability to deliver smart, high-impact customer experiences quickly and effectively. […]